| Report Date | January 2019 |
| Manager | Glenmore Asset Management Pty Ltd |
| Fund Name | Glenmore Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | January 2019 |
| Latest Return | 2.84% |
| Latest 6 Months | -6.19% |
| Latest 12 Months | 0.36% |
| Latest 24 Months | |
| Annualised Since Inception | 18.91% |
| Inception Date | 06 June 2017 |
| FUM (millions) | AU$5.4 |
| Fund Overview | The Fund is index unaware with an absolute return focus. The Fund seeks to invest in companies generating strong cashflows at attractive valuations. In absence of attractive investments being identified, the fund will hold cash. Glenmore will use a fundamental, research driven investment process to identify undervalued securities.
The main driver of identifying potential investments will be bottom up company analysis, however macro-economic conditions will be considered as part of the investment thesis for each stock. |
| Manager Comments | The Glenmore Australian Equities Fund rose +2.84% in January, taking annualised performance since inception in June 2017 to +18.91% per annum versus the ASX200 Accumulation Index's +5.63%. The Fund's Sharpe and Sortino ratios for performance since inception, 1.33 and 2.03 respectively, by contrast with the Index's Sharpe of 0.51 and Sortino of 0.66, highlight the Fund's capacity to achieve superior risk-adjusted returns whilst avoiding the market's downside volatility. In addition, the Fund's up-capture and down-capture ratios since inception indicate that, on average, the Fund has outperformed in both rising and falling markets.
Top contributors included Worley Parsons (+21.5%), Magellan Financial Group (+21.2%), NRW Holdings (+19.2%), Bravura Solutions (+13.5%), Arena REIT (+11.6%) and Jump Interactive (+10.6%). The only detractor of note was Navigator Global Investments (NGI) which Glenmore decided to exit given NGI's recent earnings update; earnings guidance for FY19 10-15% below the market's expectations. |
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